Enterprise resource planning refers to technologies used by businesses to streamline their day-to-day activities such as procurement, supply chain operations, risk and compliance, project management, and accounting. Here are a few things you should know about enterprise resource planning. IT + business methods ERP is built on the foundation of IT plus business methods. It is designed to streamline mission-critical business processes. ERP implementation allows companies to quickly respond to market changes and tap business opportunities. ERP systems are built as a single software with many modules integrated. Netsuite ERP extensively uses advanced technologies and combines them with proven business practices and methodologies. ERP is not only for big businesses Many entrepreneurs misunderstand that ERP is designed for big businesses. While large businesses heavily invest in ERP solutions to achieve operational efficiencies and improve the bottom line, the fact does not make the software exclusive for large businesses. ERP is beneficial for businesses of all sizes, large and small. It has advanced tools to drive innovation and growth and help streamline financial processes, billing processes, and supply chain management. ERP integrates all departments Every organization has different functional areas like financial accounting management, order management, production control, supply chain management, warehouse management/fulfillment, procurement, and personnel management. ERP operates as a single platform in which all other departments operate. ERP software unites all functional areas under one umbrella and maintains a centralized database for easy access and sharing. Besides integrating all departments and ensuring they run in sync, the ERP software identifies any hurdles to efficient business operations. Allows you to standardize all business processes With ERP, organizations can standardize all business processes. One advantage of standardizing the business process is that it allows organizations to move to a unified system to get tasks done when they come up. In addition, ERP will enable you to establish a workflow and order. With standardization and streamlining, organizations get more control over processes and worry less about assigning work. Enable you to manage business remotely Today, companies can implement cloud-based ERP that can be accessed from any location with an Internet connection. One good thing about cloud-based ERP is that it allows you to manage the entire business remotely. As a result, you can manage every business operation while on the go, bring in more efficiency and save your energy and time. Now that you know the essential facts of ERP let's learn how your business benefits from it. Higher management performance ERP acts as a data center and links all enterprise activities that need management, including inventory and supply, human resources, customer support, production, and sales. With computerized technologies, ERP systems can speed up the processing and handling of data and present an analysis to make the right business decisions. Better accuracy and availability of information With ERP implementation, all data is captured from business processes, and there is very little or no need for manual feeding of data. Advanced ERP systems connect with all business processes for effective and centralized data collection, storage of information about sales and production, and collecting and storing data for supplies and customers. ERP systems maintain a single data system, eliminating the need to maintain multiple databases and check data for integrity or replicate values. It increases internal data quality and makes it readily available to its staff. All this translates into performance optimization across all levels in your enterprise. Improved coordination The unified data center and its interconnectivity between all departments allow the ERP to improve coordination within an enterprise. It helps prevent communication delays across the whole enterprise, improving operational efficiency. An ERP system is also helpful if you have an extensive network of affiliates spread across the state or country. There is no doubt ERP is an essential piece of software in an enterprise that improves the overall functioning of an enterprise. Further Reading \t How Enterprise Search Can Benefit Your Business? \t Enterprise Best Practices: Accounts Receivable & Collections \t What Does The External Advanced-Data Revolution Mean For Enterprises?